Resilient Keystone has seen double-digit growth in financials revenue driven by executive recruitment
Keystone Law significantly outperformed its half-year results published in September and posted a significant revenue increase of 11% for the full year ended January 31, 2021.
Sales were up to £ 55 million compared to £ 49.6 million in the previous year, with the rate of increase almost twice as high as the 6.5% announced in the half-year results.
Earnings before taxes also rebounded significantly after an 18% decline was announced in September due to internal investments such as additional office space at the headquarters on Chancery Lane. Profits increased slightly for the full year from £ 5.2m to £ 5.4m.
General Manager James Knight (pictured) said, “The nature of Keystone’s business model, which our 350+ attorneys were all familiar with with remote working when the lockdown began, has undoubtedly made it easier for the company to be 100% operationally efficient as of March 2020 Still, I am very proud of what the company and our employees have achieved over the past year, not only to maintain this efficiency, but also to achieve solid growth. ‘
He also targeted companies that might not be willing to change their attitude towards remote work: “I’m looking forward to the coming year, not least because the vast majority of lawyers are starting to suspect something we’ve known for 20 years : With the right tools and infrastructure in place, attorneys can offer far better service, even with complex, multidisciplinary transactions, if they are given flexibility and autonomy while maintaining work-life balance. ‘
The solid result was underpinned by a year of concerted executive recruitment. In the past 12 months, Keystone has grown its bank of principals (partner equivalents) by an impressive 58, from 328 to 369. Between the additional office space and side recruitment, the company can rightly be proud of making such sizeable investments while ensuring that no employee has been on leave due to the pandemic.
In August 2020 alone, Keystone hired 10 side partners covering areas such as corporate, intellectual property, and restructuring and bankruptcy.
After Keystone initially decided not to recommend a final dividend for the fiscal year ending January 31, 2020 due to the uncertainty surrounding Covid, Keystone is proposing a final dividend of 10.6p for the fiscal year ending January 31, 2020 given the company’s solid financial performance to distribute parts per year.
This includes a payment of 3.5 pence per share, described as “the remaining value that would have been paid for January 31, 2020 had the pandemic not occurred” and a payment of 7.1 pence per share “under the established dividend policy “.